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Newcrest’s A$28.8 Billion Acquisition by Newmont

May 15, 2023

On May 15, 2023, Newcrest Mining Limited (“Newcrest”) announced it has entered into a binding scheme implementation deed with Newmont Corporation (“Newmont”), in relation to a proposal for Newmont to acquire 100% of the issued shares in Newcrest by way of a scheme of arrangement. Under the terms of the agreement, Newcrest shareholders will be entitled to receive 0.400 Newmont shares for each Newcrest share held (“Scheme Consideration”). In addition, Newcrest will be permitted to pay a franked special dividend of up to $1.10 per share on or around the implementation of the scheme of arrangement. The Scheme Consideration which would be received by Newcrest shareholders under the proposed transaction, when aggregated with the franked special dividend, represents an implied equity value of A$26.2 billion and enterprise value for Newcrest of A$28.8 billion. Cravath is representing Newcrest as U.S. counsel in connection with the transaction.

The Cravath team is led by partners George A. Stephanakis, George F. Schoen and Andrew M. Wark and includes European counsels Roberto Bruno and Nicoleta D. Lupea, associates Cole DuMond, Samyel Lee, Wonnie Song Hall, Asher Kalman and Kristina B. Klem, and foreign associate attorney Federico Tallia on M&A matters; partners Christopher K. Fargo and Andrew T. Davis and associate Sonia Katharani-Khan on tax matters; partner Eric W. Hilfers and associate Christopher C. Gonnella on executive compensation and benefits matters; partner Margaret T. Segall and of counsel Jesse M. Weiss on regulatory matters; and partner Matthew Morreale, senior attorney Annmarie M. Terraciano and associate Star S. Gulant on environmental matters. Moritz Scheffer also worked on M&A matters and Gregg M. Rader also worked on tax matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Antitrust
  • Environmental
  • London
  • Energy and Natural Resources

People

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Name
George A. Stephanakis
Title
Corporate
Title
Partner
Email
gstephanakis@cravath.com
Phone
+44-20-7453-1040
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    Education

    • LL.M., 1997, Harvard Law School
      Fulbright Scholar
    • LL.M., 1995, Cambridge University - Faculty of Law
    • LL.B., 1994, University of Athens School of Law
      summa cum laude

    Admitted In

    • New York
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    Name
    George F. Schoen
    Title
    Corporate
    Title
    Partner
    Email
    gschoen@cravath.com
    Phone
    +1-212-474-1740
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      Education

      • J.D., 1998, University of Chicago Law School
        with Honors
      • B.A., 1994, Cornell University

      Admitted In

      • New York
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      Name
      Andrew M. Wark
      Title
      Corporate
      Title
      Partner
      Email
      awark@cravath.com
      Phone
      +1-212-474-1592
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        Education

        • J.D., 2013, Columbia Law School
          Harlan Fiske Stone Scholar
        • B.S., 2010, Duke University

        Admitted In

        • New York
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        Name
        Christopher K. Fargo
        Title
        Tax
        Title
        Partner
        Email
        cfargo@cravath.com
        Phone
        +1-212-474-1236
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          Education

          • J.D., 2006, Columbia Law School
            Harlan Fiske Stone; Michael Lynne Scholar
          • B.A., 2003, Boston College
            Honors Program, cum laude

          Admitted In

          • New York
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          Name
          Andrew T. Davis
          Title
          Tax
          Title
          Partner
          Email
          adavis@cravath.com
          Phone
          +1-212-474-1272
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            Education

            • LL.M., 2020, New York University School of Law
            • J.D., 2014, Stanford Law School
            • A.B., 2010, Princeton University
              summa cum laude

            Admitted In

            • New York
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            Name
            Eric W. Hilfers
            Title
            Executive Compensation and Benefits
            Title
            Partner
            Email
            ehilfers@cravath.com
            Phone
            +1-212-474-1352
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              Education

              • J.D., 1998, University of Chicago Law School
                with Honors
              • A.B., 1995, Princeton University

              Admitted In

              • New York
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              Name
              Margaret T. Segall
              Title
              Litigation
              Title
              Partner
              Email
              msegall@cravath.com
              Phone
              +1-212-474-1231
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                Education

                • J.D., 2008, Harvard Law School
                  cum laude
                • A.B., 2003, Harvard College
                  magna cum laude

                Admitted In

                • New York
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                Name
                Matthew Morreale
                Title
                Corporate
                Title
                Partner
                Email
                mmorreale@cravath.com
                Phone
                +1-212-474-1534
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                  Education

                  • J.D., 1997, Columbia Law School
                    Harlan Fiske Stone Scholar
                  • M.S., 1994, University of Pennsylvania
                  • B.A., 1990, University of Pennsylvania
                  • B.A.S., 1990, University of Pennsylvania

                  Admitted In

                  • New York
                  Photo
                  Name
                  Jesse M. Weiss
                  Title
                  Litigation
                  Title
                  Of Counsel
                  Email
                  jweiss@cravath.com
                  Phone
                  +1-212-474-1421
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                    Education

                    • J.D., 2008, Georgetown University Law Center
                      magna cum laude
                    • B.A., 2003, University of Maryland

                    Admitted In

                    • New York
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                    Name
                    Roberto Bruno
                    Title
                    Corporate
                    Title
                    European Counsel
                    Email
                    rbruno@cravath.com
                    Phone
                    +44-20-7453-1034
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                      Education

                      • LL.M., 1997, Harvard Law School
                      • LL.M., 1996, London School of Economics and Political Science
                      • LL.M., 1996, London School of Economics and Political Science
                      • LL.B., 1994, Luiss Guido Carli University
                        summa cum laude

                      Admitted In

                      • New York
                      • England & Wales
                      Photo
                      Name
                      Nicoleta D. Lupea
                      Title
                      Corporate
                      Title
                      European Counsel
                      Email
                      nlupea@cravath.com
                      Phone
                      +44-20-7453-1054
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                        Education

                        • J.D., 2014, Georgetown University Law Center
                          cum laude
                        • M.A., 2014, Sciences Po
                        • B.B.A., 2010, Baruch College CUNY
                          magna cum laude

                        Admitted In

                        • New York
                        Photo
                        Name
                        Annmarie M. Terraciano
                        Title
                        Corporate
                        Title
                        Senior Attorney
                        Email
                        aterraciano@cravath.com
                        Phone
                        +1-212-474-1366
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                          Education

                          • J.D., 1998, Columbia Law School
                            Harlan Fiske Stone Scholar
                          • M.S., 1994, University of Wisconsin - Madison
                          • B.A., 1989, Wellesley College
                            cum laude

                          Admitted In

                          • New York

                          Related News

                          Deals & Cases

                          November 12, 2021

                          Newcrest’s $2.8 Billion Acquisition of Pretivm

                          On November 8, 2021, Newcrest Mining Limited (“Newcrest”) announced it has entered into an agreement to acquire all of the issued and outstanding common shares of Pretium Resources Inc. (“Pretivm”) that it does not already own by way of a Canadian Plan of Arrangement. Pretivm is the owner of the Brucejack operation in the Golden Triangle region of British Columbia, Canada. The total consideration offered values all of the outstanding common shares of Pretivm at approximately $2.8 billion, on an undiluted basis. Pretivm shareholders will be able to elect either C$18.50 in cash or 0.80847 Newcrest shares per Pretivm share, subject to proration and an aggregate cap of 50% cash and 50% Newcrest shares. Pretivm shareholders who do not elect cash or Newcrest shares (subject to proration) will receive default consideration of C$9.25 per Pretivm share in cash and 0.40427 Newcrest shares per Pretivm share. Cravath is representing Newcrest as U.S. counsel in connection with the transaction.

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